JPEX's New Announcement: Due to third-party market makers locking up funds, withdrawal fees will be gradually adjusted.

After the incident with JPEX, they continued to release a new announcement every day, even claiming that these measures were due to Hong Kong regulatory authorities. However, the Securities and Futures Commission stated that since the unregulated warning issued by the "JPEX" exchange, JPEX has never been in contact with the Securities and Futures Commission.

JPEX incident update: Continuous Updates｜Is JPEX planning to run away? Shocking news of a partner running away with over one hundred million Taiwanese dollars? A complete summary of the JPEX exchange scandal!

JPEX: Market Maker Maliciously Locking Funds

JPEX claims to have been unfairly treated by Hong Kong regulatory authorities, with a series of negative news releases leading to JPEX's third-party market maker temporarily locking funds and requesting data from JPEX for negotiation.

JPEX states that this has significantly increased operational costs, causing difficulties in platform operation.

However, this claim is completely unreasonable, as there would be no issues with fund withdrawals due to market makers if JPEX did not commingle/misappropriate funds. Learn more: JPEX Removes Wealth Management Function, Blames Market Makers! Netizens List "5 Major Doubts"

JPEX Removes Wealth Management Products

JPEX will delist all transactions on the wealth management page at 00:00 GMT+8 on September 18, 2023.

JPEX claims that ongoing wealth management products can be maintained until the end of the profit cycle.

JPEX: Gradual Adjustment of Withdrawal Fees

JPEX promises to promptly recover funds from third-party market makers, gradually adjust withdrawal fees, and states that there is a "Withdrawal Specialist Team" to arrange withdrawal sequences for users with urgent needs.

Transition to DAO?

JPEX unexpectedly mentions the concept of DAO in the final section, stating that they will collect user suggestions, discuss with a dedicated team, select reasonable solutions, and future solutions will be screened by user voting, with specific implementation methods to be announced tomorrow.

Lin Zuo Arrested by Hong Kong Police

Prior to the incident, Lin Zuo, who had publicly stated on social media that he was a partner at JPEX, was previously an insurance broker. According to a Yahoo report, the police arrested Lin Zuo at his office in Central Entertainment Building, and the case is currently being followed up by the Commercial Crime Investigation Division.

Promotion of JPEX celebrity Lin Zuo's arrest, Hong Kong police search OTC office

JPEX Full Article

Recently, due to unfair treatment of JPEX cryptocurrency trading platform by relevant institutions in Hong Kong and the issuance of a series of negative news, the platform's third-party market maker temporarily locked funds and requested more data from the platform for negotiation, restricting the platform's liquidity, significantly increasing our daily operational costs, and causing operational difficulties.

To protect users' rights, the platform is currently in contact with the relevant third-party market makers to resolve the liquidity shortage issue as soon as possible. However, to avoid negative impacts on the negotiation results, the details will be announced after the negotiations are completed.

Due to the limitation of platform liquidity by third-party market makers and in compliance with policy guidelines, the platform will delist all transactions on the wealth management page at 00:00 GMT+8 on September 18, 2023. Users will not be able to place any new wealth management orders at that time, while existing ongoing wealth management orders will be maintained until the end of the product for profit withdrawal.

We promise to promptly recover liquidity from third-party market makers and gradually adjust the withdrawal fees to normal levels. During this period, the Withdrawal Specialist Team responsible for emergency withdrawal requests will continue to prioritize withdrawal arrangements for users, hoping to overcome this difficult time together with users.

JPEX has always believed that a decentralized autonomous organization (DAO), derived from decisions collectively created by every community member, can generate tremendous power. We understand that to continue operating the platform steadily, restructuring must be carried out at this stage to redefine the operational direction and jointly formulate JPEX's future strategies and directions. Therefore, we will openly collect user suggestions, gather suggestions and solutions for discussion with the dedicated team, and select reasonable solutions for user voting. The specific implementation method of the user vote will be announced the following day. We hope that users can participate and move forward with the platform.

Link below:
https://forms.gle/wcsz6EjmpD5j9S9j8

We hereby promise that JPEX will continue to operate resolutely, integrating all team resources day and night to develop new solutions, and will not collapse due to the irreversible policy risks, maintaining our user-oriented policy. Thank you for your continuous support!